“Fuel and energy price rises are catastrophic”

Money Saving Expert Martin Lewis has said he is “virtually out of tools” to help people

Big Zero Report 2022

The current fuel and price hikes in the energy market are deemed catastrophic for families across the UK.

Speaking to the BBC show Sunday Morning, Money Saving Expert Martin Lewis said the current energy crisis is the worst financial crash he had ever experienced.

Mr Lewis said: “When I am reading messages from people telling me that, money prioritisation used to be do I go to the hairdressers or do I go to the pub, now it’s about I am prioritising feeding my children over feeding myself.

“That is simply not tenable in our society. And there is absolute panic and it has not started yet. The big drive here is fuel and energy prices. Well, people, know about the price of the pumps, but we have to look at the fact on the 1st of April energy bills are going to go up 54%.

“That’s catastrophic, that’s £700 a year.”

Analysts had previously predicted that energy bills could reach £3,000 a year by October.

Research by Citizens Advice found that one in four adults would be unable to afford the predicted increase in energy bills this October.

Mr Lewis added: “We are now seven weeks through the 26 week period of the assessment for the October price cap.

“And that seven weeks has been unprecedented at the level of wholesale energy prices, which is what sets the energy price. Even, on a very conservative estimate, that means in October, we are going up another 25%.

“And while it doesn’t sound as big that’s on top of the 54%. So that’s at least another £600 a year in October. As Money Saving Expert I am virtually out of tools to help people.”

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